The controlling shareholder in the property manager firm Country Garden Services YANG Huiyan is to give 20 percent of the company’s stock to Guoqiang Public Welfare Foundation (Hong Kong) Ltd.
The donation of non-voting stock is said to be intended to support charitable causes in Hong Kong and the Greater Bay Area, as well as providing aid to vulnerable groups, disaster relief and rural revitalization.
Despite reducing holding, Yang will maintain control over troubled Country Garden, which has been dragged down by the current despair in the real estate industry and a stock selloff by the company's president LI Changjiang.
The donation of shares is seen as a move to shore up flagging market confidence and easing concerns about Li's selloff.
